 "Force India team principal Vijay Mallya during the press conference of Force India (pic: Reuters)")
Pune-based UB Engineering Ltd (UBEL), part of the Vijay Mallya-led UB group, has filed for insolvency at the National Company Law Tribunal (NCLT). "The company has dues of around Rs 450 crore to five banks. It has moved the NCLT in Mumbai today," an official familiar with the development told Business Standard.
Axis bank, YES bank, Corporation Bank, IDBI Bank and Laxmi Vilas Bank are the lenders. The company has classified term loans, cash credits and other facilities availed of from banks as 'Other Current Liabilities', which at the end of FY16 stood at Rs 434.9 crore, according to
Axis bank, YES bank, Corporation Bank, IDBI Bank and Laxmi Vilas Bank are the lenders. The company has classified term loans, cash credits and other facilities availed of from banks as 'Other Current Liabilities', which at the end of FY16 stood at Rs 434.9 crore, according to
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